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Westcore Sells 125,000-SF Office for $39M

VIENNA-The US owner turns over a class A building to Credit Suisse in a value-add play underwritten by new 10-year leases and upgrades.

By Connie Gore | Updated on July 23, 2008

VIENNA-Westcore Properties LLC has pulled a 125,000-sf class A office building from a three-asset portfolio, collecting $39.2 million for the deed from Credit Suisse Asset Management Immobilien Kapitalanlagegesellschaft mbH. The seller acquired Green Park Center in February 2007 in a $108-million deal for 1.3 million sf with Philips Electronics NV.

The six-story building is located in the Wienerburg submarket. “Our team improved the physical plant and exterior while renegotiating the major leases to new 10-year terms, creating significant value,” Marc Brutten, chairman of the San Diego-based Westcore, says in a press release. In addition to the office building, the Philips buy-out yielded High Tech Center, an office and technology park, and Tech Park Vienna, a logistics and office park.

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